September 16, 2020

Market wrap 10/09/2020

Though today’s session recorded low activity levels, renewed bargain hunting  in select counters kept the NSEASI afloat as it rose by  +0.38% to 25,520.97 on the day. The performance of the index was underpinned by recovery in some bellwethers; Access (+3.85%), Zenith (+3.35%), Guaranty (+1.85%), UBA (+1.64%), ETI (+1.22%) and FBNH (+1.01%). Other major market drivers were MTNN (+0.42%) Flourmill (+0.79%), Wapco (+0.41%) and NB (+0.12%). In all, market breadth was positive and about 2 advancers were recorded for every one that declined.

 Market turnover was low at  N1.65bn ($4.26mln),  buoyed by trade in Guaranty Zenithbank, and MTNN. The negative NSEASI ytd return moderated to -4.92%. We expect the market to witness similar sentiments in the next session.